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New Expiration Rules for Options


The new options expirations rules include the elimination of contrary exercise instructions for all physically-settled Crude Oil, Natural Gas, Refined Products, and Metals options contracts that expire after January 1, 2018.  Brent (BZO), Coal, Power, and Emissions options are excluded.

In addition, for exact at-the-money settlements, the auto-exercise rule has changed. If the underlying settlement price falls exactly on a strike price at expiration, the at-the-money calls will be exercised and the at-the-money puts will be abandoned.

For More Information:

Clearing CME Globex Floor CME ClearPort Product Name Subgroup Exchange Volume Open Interest
LO LO - LO Crude Oil Options Crude Oil NYMEX 153,602 2,650,820
LN LNE - LN Natural Gas Options (European) Natural Gas NYMEX 54,660 1,741,254
9C 9C - 9C Brent Crude Oil Last Day Financial Calendar Spread (1 Month) Options Crude Oil NYMEX 16,500 46,000
WA WAY - WA WTI Crude Oil 1 Month Calendar Spread Options Crude Oil NYMEX 13,450 314,900
BZO BZO - BZO Brent Crude Oil Futures-Style Margin Option Crude Oil NYMEX 5,541 190,878
7A B7A - 7A Light Sweet Crude Oil (WTI) Financial 1 Month Spread Options Crude Oil NYMEX 5,000 165,518
G6 G6B - G6 Natural Gas (Henry Hub) Last-day Financial 6 Month Spread Options Natural Gas NYMEX 4,200 26,225
ON ON - ON Natural Gas Options (American) Natural Gas NYMEX 3,904 88,408
BV ABV - BV WTI-Brent Crude Oil Spread Options Crude Oil NYMEX 2,280 362,659
AO AAO - AO WTI Average Price Options Crude Oil NYMEX 2,010 465,906
Trade Date: 20 Mar 2018 | FINAL

Note: Volume and Open Interest data is from the previous trade date. Preliminary data updates at approximately 9:00 p.m. CT and the final update is at 10:00 a.m. CT next business day.

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